The Australian Dollar has been afforded a recovery on the back of a Harami candlestick formation on the daily chart. The key reversal pattern suggests a potential push back to resistance at 0.9440. However traders should also be wary of the potential for the bears to regain control of price action given the warning provided last week by a Dark Cloud Cover formation.

As noted in yesterday’s commodities report, a Piercing Line pattern on the four hour chart hinted at an intraday recovery for the Aussie to 0.9385. With a Shooting Star now forming the pair could be primed for a pullback in the session ahead. However, the candle needs to close before offering a valid signal.